Reuters: Cognizant Technology could acquire Softvision for $550M

|By:, SA News Editor

Cognizant Technology (NASDAQ:CTSH) is in talks to purchase application developer Softvision for $550M, according to Reuters sources.

Softvision, owned by private equity company Tower Arch Capital, consults with large companies on technology products. A recent project involved creating a video-streaming platform and associated app for non-profit health provider Kaiser Permanente. 

Cognizant wants to expand its digital and cloud services offering to take on rivals Accenture (NYSE:ACN) and IBM (NYSE:IBM).  As of early August, Cognizant’s digital business accounted for 30% of its overall sales. 

CTSH shares are up 0.1% to $76.89. 

Previously: Cognizant acquires business advisory and data analytics company (May 2)

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